Whew. Those are hard questions to answer without a crystal ball or a glimpse of the future from some other sort of source. Historically speaking, when we see that 1) the average price for all other marketable goods that we purchase on a daily basis have gone up (which they have with regularity over the past several weeks), interest rates are sure to follow close behind. 2) Having a fuel/gasoline shortage has quickened the pace for the additional pricing added back into the mortgage interest rates from the lender, and this has made for an environment where rates are steadily worsening as a result of these two factors.*
Therefore, ABBA First Mortgage will work with ALL clients that apply for a mortgage and if qualified, should be able to obtain a rate that is as good OR BETTER than any rate available on any given day from any legitimate lender! Please give me a call and I will gladly discuss this with you. Rich at 910-332-0650 If you don’t call, you’ll never know what you missed out on!
According to Freddie Mac Chief Economist Sam Khater. “Since the most recent peak (in home purchases) in April, mortgage rates have declined nearly a quarter of a percent and have remained under 3% for the past month. Low rates offer homeowners an opportunity to lower their monthly payment by refinancing, and our most recent research shows that many borrowers, especially Black and Hispanic borrowers, who could benefit from refinancing still aren’t pursuing the option.”
While the low mortgage rate environment is good news for homeowners and borrowers, that doesn’t mean it’s sustainable due to the surging inflation rate in the economy. In April, consumer prices reached their highest level in 13 years, according to the US Labor Department and as mentioned above, continue to outpace the growth of the economy leading to these fears of inflation.
*To further emphasize my point”, Freddie Mac’s Sam Khater went on to say, “The low mortgage rate environment has been a boon to the housing market but may not last long as consumer inflation has accelerated at its fastest pace in more than twelve years and may lead to higher mortgage rates in the summer”.